Looking for a lender can be incredibly difficult, time-consuming, and confusing. That is why mortgage brokers may be the key to helping you find the right loan for your needs. Whilst it is important to be looking at mortgage broker comparisons to ensure you find the right one, having a professional to help find the right mortgage plan for you might be the right decision for you. If you’re not convinced, we’ve compiled a list of why finding a mortgage broker will make your life easier when finding a lender.
What Does a Mortgage Broker do?
The role of a mortgage broker is to find an appropriate loan for your unique housing and personal requirements. This means you are getting expert and personalised advice, and not just relying on lenders to be promoting their own preferred loans. Once the recommendation has been accepted by you, they will guide you through the application, approval, and the settlement process.
When you are going through the new home building process, having support from someone like a mortgage broker may be able to reduce the stress and work of dealing with a lender.
Why are They Better Than Going Straight to the Lender?
Saves Time and Legwork
A mortgage broker’s job is to be in constant contact with a wide variety of lenders, some large and some that you may have never heard of. Their huge range of knowledge and contacts means you not only have to go to one person for a wide range of lenders, but you will also receive all key details to make an informed decision much faster and with minimal effort.
More Access
On a similar note, due to their broad range of contacts mortgage brokers tend to have more access to a wider range of information of different loans from the same lender. Some lenders even work directly with mortgage brokers to ensure suitable clients are being brought in, providing lower fees for their clients. It is also important to note that you may not be able to get retail mortgages if you call a lender directly, and is again where you may need a broker to step in.
Save on Fees
Most brokers (not all however, this is where it is important to compare!) earn money solely through commissions paid by the lender, therefore leaving their services to you free of charge. This may be an issue if brokers earn a lot more from certain lenders, so make sure to look at all the loan information provided by the broker, not just the brokers’ preferred lender, especially if they are a extremely prominent lender. Brokers can also sometimes get lenders to waive fees (application fees, appraisal fees, and others) which can save you hundreds of dollars.
What do we Suggest?
If you are considering speaking to a mortgage broker, we suggest that you spend some time researching what you need out of a home loan. For example, do you want a split interest rate, an offset account, the option to make extra repayments or are you interested in being able to have a repayment holiday? Whatever your needs are, make sure they are clear and you communicate these to your mortgage broker.
If you are also unsure about which builder, developer or home design to choose, speak to one of our expert phone consultants. Similarly to a good mortgage broker, they can provide you with advice about choosing a builder or developer. By simply providing them with some details about your building project, they can match you up with the builders and developers who can meet your requirements. Call us on 1800 184 284 or book a call online.
If you’re having trouble financing, Download our FREE guide today to get a comprehensive overview of what you should expect and prepare for.
Let us do the legwork for you.
- We’ll ask the right questions to better understand your needs
- We’ll create a recommended shortlist ideally matched to you
- We’ll answer specific questions or concerns related to home building, land purchasing or financing
Zoe Langenberg
Zoe is passionate about coffee and interior design. You can find her most weekends exploring an art gallery or devouring a good book.
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